Indianapolis Times, Indianapolis, Marion County, 1 September 1936 — Page 15

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. first |

. which the masses of

Invisible Tax Levy Shows Constant Increase.

Abreast of “The Times on Finance

:SDAY, SEPTEMBER 1, 1936

PAGE 15

‘on oats.

Grain Trade Limit Extended The Chicago Board of Trade has extended the ‘daily trading limits of futures transactions to 8 cents a bushel in wheat, corn, rye and barley, and to 6 cents The new limits are effective today.

EW YORK, Sept. "1.—Gov. Landon, in his Buffalo speech, attacked the record of Mr. Roosevelt on taxation. He criticised it, because he used invisible taxes instead of d#rect taxes; and second, because he persisted in _ paying large a part of the government’s expenses with borrowed money. This charge that Roosevelt has 1 used invisible taxes is a serious one. What are the facts? First. a direct i ty one which is imposed directly on the person who ultimately: pays it. Such a tax is the income tax. You see precisely what you are : paying. An indirect or invisible tax is one which is imposed on one person in such . a way that he can collect it from some. other person. Such a tax is the sales tax. The government collects a ‘tax on cigarettes from the cigarette manufacturer. But the manufacturer passes it on to’ you in the price of the cigarettes. When you pay yqur income tax you are acutely aware of it. When you pay the cigarette tax you do not perceive it. “HE ol objection to invisible taxes is .that they are im- - posed on articles of consumption the people {| buy. Thus such taxes are levied against the consuming masses. * Such a tax, of course, never can be _ defended by the man who holds himself out as the champion of the people. Now let us look at Mr. Roosevelt's record. Here are the invisible taxes (including ‘customs diities) collected by the govern“ment since 1931. t Hoover—

Mr. Flynn

1931 1932 1933 1934 1935 : 1936 2,009,000,000 + » Before the depression our taxes — excluding tariff , taxes — were "usually three-quarters direct taxes. Since 1931, however, we can see . how more and more the government has ‘shifted the burden of taxes to the small man—the consumer. : * This. is explained graphically in the following simple table which shows what part of each tax dollar came from income taxes and what part from invisible sales taxes of

all sorts:

Reosevelt—

Income Taxes

HUS this tendency began under Hoover. But it was. carried very much further under. Roosevelt. Hoover held the false view that the way.to make thie country prosperious was to pour profits in at the top and: let them trickle down to the masses. But Roosevelt pretended to reject that philosophy. Yet he went further than Hoover did in pressing the tax burden upon the consumer. This was lost sight of because Roo6sevelt made so many speeches about the little man that “the little man hardly realized he was being made the tax goat. Besides, the taxes are invisible. Meantime the income tax-payer was . Iifting his voice in loud roars because he could see and feel the burden, even though it was proportionately lighter. (Copyright, 1936.- NEA Service. Inc.)

MARKET VALUES OF 50 STOCKS ADVANCE

Times Special’ NEW YORK, Sept. 1.—The comibined market value of 50 representative stocks listed on the New York Stock Exchange for the week ended Aug. 29 was $21202374,000, according to’a compilation by Paul H. Davis and Co. This represented an increase of $634,873,500 or 3.09

« per cent over the total of the pre-

ceding week. ~ At the close of the corresponding week a year i the same 50 stocks had a marKet value of $14723720,125, which indicated a gain during the 'vear of $6,478654,125 or _ 440 per cent, the report showed.

Times Special Chicago, Sept. 1.— Twenty-five representative stocks listed on the Chicago Siock Exchange Bt the , close lof .the week ended Aug. :29, ‘had a market- value. of $962, 082. 500 : compared | w ith ithe preceding week's amount of| $955,670.875, according to ‘a report by Paul H. Davis and Co. The 1935 comparative was $616.527.500, indicating an advance of 56.05 per ceniéd centiduring the vear.

EXEMPT’ IN IS SOUGHT

By United Press WASHINGTON, Sept. 1—The Youngstown Sheet and Tube Co. has applied to the Securities and Exchange Commission for exemp- * tion from provisions of the public utility holding company act. The mpany contends that .it controls no utility company within

~ the scope of the act and that its | sows & 1 180-2

. utility operations are only _ dental to its regular business.

inci-

uilding Permits n Howerton, 2531 E. Washi ngtonTe 629 WwW. he Co., 431 i B4T E 31st-st, 18 Street Railways Co. Brush

ashington- st, wrecking, $200. EK ey, 37th-st and Kenwood-

agaiowsky, WashingtonW. Pearl-st,

alterations,

le, $90. pok, 130 N. Bradley-st, wrecking,

Motors Co., 2917 Central-av, polis Street Railway Co., Brush ashington-st, wrecking, $200. Query, 1104 W. New York-st, . Aharendt, 606 N. Beville-av, $900. = Inkoff, 958 N. Holmes-av, Inotts, 6133 Rosslyn-av,

- dwelling, 131 N. lilinois-st, alteraRucker, 1443 Park-av, electrical, Palace, og and Courtrical, Store, 30 N. Penn-

Fletcher-av, electrical,

#pian,

Sales Taxes

UTILITY CHIEF

| tial election in November. | it Will make relatively little differ- |

INDIFFERENT TO

VOTE RESULTS

Thinks Election Outcome to,

Have Little Effect on Business.

BY RALPH HENDERSHOT

Times Special Writer NEW YORK, Sept. 1.—A spokesman for one of the large utility companies is not particularly con-

Where

It Goes

Prepared by Administrative and Research Corporation -New York DISTRIBUTION OF NATIONAL INCOME © B23 Dividends, Interest

T3 Miscellaneous

. i cerned over who wins the presiden- |

ence to business whether Mr. Roosevelt or Gov. Landon takes the honors. All he asks of either is that he take’ a definite position on economic

| problems and stick to it.

| the councils of a utility | these remarks seem unusual, | the least. { cause of the

Coming from a man high up in concern, to.say It would seem that, bepressure

President |

He says!

. A929 1930 103!

Entrepreneurial Profits

BE Wages,

1932 1933

1934

Salaries

1935

| Roosevelt has put on the industry, |

| his argumest seemed rather pldusi- |

he would be willing to move Heaven and earth to tie a can on him. But

ble at that. “We always try to live peaceably

| with whoever is in power,” he ex-

{ plained.

. like an individual,

| Citz Ind Tel (T H)

“Politicians have made a football of the utilities for years,

and it hasn't made much difference |

who. is in office or what his party affiliations are. As a matter of fact, Theodore Roosevelt, -a Republican, brought about more drastic reforms than has Franklin D. Roosevelt, a Democrat.

Personalities Count Little

“And it hasn't been so much a |

matter of personalities, either. The times have more to do with it than | anything. . If the public thinks Wall Street is to blame for something it will. find some way to force the President to take action, and the same goes for the utilities or anything else. The man at the top either does the public's bidding or he is replaced by some one who will.” “Are you not at all worried over the heavy government spending and the increase in the public debt?” he was asked. “Yes, I am,” he replied. “Unless- it is brought under control it will lead to serious inflationy and inflatiori always takes a heavy toll from the utility companies. The German utilities went bankrupt as a result of inflation.

are toward Mr. Landon, I am not so sure he would do any better job at balancing the budget than Mr. Roosevelt. They all say what they will do when they get in office, but they don't always do it. They yield first to this minority bloc and then to that one, and the first thing you know expenses are right back where they were or above.

May Be More Conservative

“Many of my political friends tell me they expect Mr. Roosevelt to be much more conservative in his second term if re-elected than he has been in his first term. In that event he may be able to bring the

budget intq balance. The present size of our national debt is not much for the. nation to carry, but, of course, we can not go on spending. more than we take in.

“What we need, though, is a President who will adopt a fiscal policy and then stick to 36. I business knows what to expect it can make plans accordingly, just put if it never knows where it stands it is severely handicapped no matter how wellmeaning the person in office happens fo; be.”

Local Securities |

{By Indianapolis Bond: ang Share Corp.) The following quotations do* not represent actual bids or offerings, but merely indicate the approXimate market level based on buying and selling inquiries cr recent transactions. BONDS. 413s '61.. H Tel & Tel Ft W 5las 44 .... . 105 H Tel & Tel Ft W 6s '43 . 106 Indpls Railway Inc 5s '67 ..... 88 Interstate Tel & Tel 5'zs '53.. 101%2 Kokomo Water Works 5s '58 .. 105 Morris 5 & 10 Stores 5s '50 .. 103 Muncie Water Works 5s "65 .. lazy Noblesville H L & P 6'2s '47.. 103% Ohio Tel Serve 6s '47 103 Richmond W W 5s '57 1062 Sevimour Water Co 5s "49 tens vo, T H Trac & L 5s '44 109 104 1%

104

T H Water Works 5s "56 T H Water Works 5s "49 Trac Terminal Co 5s '57 Indpls Water Co 3'2s 66 .... STOCKS

ABC Brewis oy com Belt Rail S Y Belt Rail 8 XY: a 6s Central Ind Power pid is Home T& T Ft 'W .: Hook Drugs Inc com Ind & Mich Elec: Co pf Ind Gen Serve Co 6s Ind Hydro Electric Co 7

Indpls Pow & Lt - Idpis Pow Ay Lt. Co pfd Gs... Indpls Water Co pid 3s ..103 North Ind Pub Serv pid 5i2s.. 7 Pub Serv of Ind 6s 8

1 ‘I North Ind Pub Serv Co ‘pfd 7s 5

Prog Laundry Co com Pub Serv of Ind pfd 7s ....... ub. Serv of. Ind pfd ‘ Ti 2 South Ind Gas & Elec rd 6s.. Union Title Co com a T H Electric Co 6s

Other Livestock

(By United Press) CHICAGO. Sep. 1.—Hogs—Receipis,- 15,000. including 3500 directs: arket mostly 13425¢ lower than Monday's average; sows around 10c lower; top, Si1.30: bulk, Ibs. $10.830€11.25; 250-300 lbs. $10.65€11.10; Bee 160 1bs., $10.50: most sows. [email protected]. 9000: light

Cattle—Receipts, 1500; yearlings and light yearlings active; best. early, $9.60; several loads held higher: numerous sales, $8909.25; fed heifers very scarce; medium weights .and weighty steers, steady to 25¢ lower; mostly steady to 15¢. off; best 1500-l1b. steers early. $9.50: strictly choice 1235011b. averages held around $10; big weight bulocks, $14@16 in narrowest demand; several loads similar weights sold late Monday at [email protected]; all she stock steady: bulls, 10@15¢c higher, and vealers, 25@30c higher; weighty sausage bulls up to $5.75; vealers, $9.50; stockers more active. Sheep—Receipts, 8000: fat lambs, active; Steady 1 Stroh 8 natives to outsiders, $9.75 bulk natives, $9 25@9. 50; gig Tov lambs, firm; bulk,

calves, receipts,

steers steady;

$7.2598 FORT BAYNE Ind.; Sept. 1.—Hogs Marke: 10@25¢c lower: 1680-180 lbs. $10. 73; 180-200 Ibs, A 200-225 lbs. 11. 20; 225250 lbs. $11.10; 275lbs. $10.60; 150- 160 i 40-150 ibs. $9. 75: 130-140 ibs. 120- 130 1bs., $9. 25: 100-120 Ibs. $9. q Rn. 50; stags, $7, calves, $8.50;

Ind, Sep it, t — Mali.

$10.90@11: Totb 325 Bs, $10. 3s [email protected]; 170-190 lzs., $10.60 I $8 0 Jambs, $9 down.

$10. T0610 50: 190-210 ns. 10.80;

130-150 | |

PRICES DECLINE IN PORK MART

Continued’ Heavy Reraiis Held Responsible for Slump. .

| "Despite fairly active trading there | was-a general slump in hog prices at t h e Indianapolis Stockyards.

N. Y- Bonds

.| (Reprinted From Late Times Yesterday)

DAILY

Today seeeves | Saturday | Week ago | Month ago —New High.

U. S. (By Abbott,

BOND INDEX

20 0 . Rails Utils 96.4x 5.7 96.3 95.6

95.6 105.7

GOVERNMENT BONDS Proctor & Paine)

Treasurys

| Weights above 190 pounds were sell- |,

ing at 10 cents below yesterday's | quotations, while the 160 to

cents lower.

decline to continued heavy receipts, both locally and at other Midwest tharkets. Receipst here today totaled 6000, the same as yesterday. Holdovers numbered 195. The bulk of hogs, ranging from $11.15 te $11.50. - Heavier from 270 to 350 pounds, were quoted at $10.1%to $10.95. Extreme heavies, above pounds, brought $9.85 to | $10.35. ighter grades 130 to 190 pounds,.sold for $9.25 to $11.15. Light lights, 100 to ¥30 pounds, were | priced at $8.75 to $9.05. | sows were weak to 15 cents lower,

Trading in the cattle market opened slow in fed steers and yearlings. Early sales held about steady, although the undertone. was weak. Heifers opened steady, as did cows and bulls. Early top steers sold at $9.25, heifers brought $8.75 and beef cows ranged from $4 to $4.75. Vealers were fully steady. Receipts were : 2300. cattle and 900 calves. In the lamb matrket, the bulk of better grade ewe and wether grades sold at $9- to $10. Slaughter sheep were steady. Fat ewes were quoted La $2.25 to $2.75, with a few choice kinds at $3. Receipts totaled 3000.

| HOGS

o oS

Aug. gE. 25,

26. 21. 28. 29. . 31 11.25@11. 60

Sept. 1. [email protected]

Light Lights t140- 160) Good and Medium

Lightweights— 150: 180) Boon and

(180- 200) Good. ae dium Medium We peur 1200-220) Good and 0-250) Good and Heavyweifhts— 1250-290) Good and 1290-350) Good and Packing Sows— (275-350) Good (350-425) Good (425-450) Good ... (275-350) Medium Slaughter Pig (100- 140) Good and ‘choice.. Medium

CATTLE : . —Receipts, 2300— Chole

Receipts. 7000

—- ard arta ore | Pb Bl bk pd fk pk pt wr DD One We SUDO

.choice..$- 3 50@ 10.75 [email protected]

[email protected] 9.60@ 10. 85 10.85@ 11.40 [email protected]

[email protected] [email protected]

choice... choice..

choice. . choice...

(550-900) (900-1100)

(1100-1300)

(1300) Choice ‘Good

OVD OVNUIDOOUOOOD

sas saunes veve

Heifers

OO-IPRODN-TNON-TIND NLT BID VOR On On

(550-1750)

Common, medium. Good and choice.. Common, medium.

(750-900)

“10-30 Ww OCOOND OOO WLMO

| Common and medium Low cutter and cutter Bulls, good. Cutter, com. and med. pulk. . Vealers | —Receipts, Good and choice ... | Mediu m {Cull and common Calves (250-500) Good and choice. .$ Com. and medium. Feeder and Stocker Cattle (500-800) Com. and choice Com, and medium. (800-1050) Good and choice... Com. and meg! um.

aT ug in CUONO

| Goo d Common and medium SHEEP AND LAMBS —Receipts, 3000—

nO “Yen n333 2893 - NW wo

eS 90-170) Good and choice. . 2 . and medium 1 . (Sheep and jamb quotations on cli

basis.) Other “Livestoc

(By Times Special)

+ LOUISVILLE, Sept. 300; supply, rather

ID no 209 o ob

light; quality, plain; erally steady with Monday on all classes; bulk common to medium grassy steers and heifsr..$4.25@ 6.25; some cul down to $3.75 and less; steers pracucally abesnt and quotable tof 3 or better; bul grassy See! cqws, $3.75@ 4.50; practical top, $4.7 good fed cows hi her: bulk low cutters Sin cutters, $2.75 | .50; sausage bulls mostly stockers and feeders slow and unchanged. Calves — Receipts, 300; vealer market | opening active and fully steady with Monday: bulk better vealers, $7.50@8: strictly | choice, [email protected]; medium and lower-! grade vealers, $4. [email protected];

$4G6; few, $6.50; plain as low as $3. Hogs — Receipts, 1000, direct; ho market not established; Aaa tations, 1 more lower; askin $11.1 for RD airable 180- 250-1b. weights.

Rush Jobs Make Us Smile

‘|| Hendren Printing

Company, Inc. 470 CENTURY BLDG. RI-8333

190 to 270 pounds were selling at |; grades; | 2%

Packing |

| rangirig from $8.25 to $9.50, top $9.85. | + “While my own personal leanings

POND COO

1.—--Cattle—Receipts, | demand, dependable; market opening gen- | slaughter | N

ters | better finished fed |S

$4004.75;

light culls down | tq $3 and less; bulk weighty grass calves, |

including 418

4c 190- | = as pound division were mostly 15 to 25 [3las

Stockyards officials attributed the |: vos

Alleg Corp 5s '44 Alleg , Corp 5s Am Frgn Pow 5s 2030

| Arm & So (Del) 1 Coast Line 4s '52.

Atch Top & S Fe 4! Am Rolling Mills 4Ys Balt & Ohio 5s 2000.. Balt & Ohio 6s '95 .. Balt & Ohio 4l%2s ’60.. Buff Roch & Pitt 4las Beth Steel 4%s Chi Milw & St P 5s 'Tf Chi Milw & St Cleve Un Term 59 ’ Cleve Un Term 42s 77 Col Gas 5s May ’52 Col Gas 5s ‘$1 Can Pac Perp 4s Cent Pac 5s '60 Big Four 4lzs Big Four 35s 3 Colorado & So 42s ’'80 Chi & West Ihd 4s Chi & Nor West 434s Con Gis 4! 43 ’51 Chesa Corp 5s Del & Huds 4s N Y Dock 4s '51 N Y Dock 5s Erie 5s ’75 { Erie 5s ° Great Northern Great Northern H” 4s. Breat Northern 414s )7 Gen Stl Cast WW 5s Hud & Manhat Ref 5s Ill Cent 434s '66 Ill Cent Jt 415s 63 Ill Cent 5s. '63 Interboro Rapid Trans Interntl Hy Elec 6s

Internt]l Tel & Tel 5

Lehigh Valley 4s 2003 McKess & Rob 5l2s '50

Natl Dairy 334s ’51 Natl Steel 4s "65 .. Nickel Plate 44s ’73 Nickel Plate 52s '74 .. N Y Cent 5s 2013 N Y Cent Conv 6s ’'44 Nor Amer Co 5s ’61 Nor Pac 3s 2047 Nor Pac 6s 2047 Nor States Pow 5s '41

Penn Ry 4s ’63

Para Publix 6s ’55 Penn P & Y 4las Postal Tel & Cab 5s ’

hell Union Oil 3%s '5 Socony Vac 3!'%2s ’50.. Sou Pac 4's Sou Pac 41:s Sou Pac 4s ’ Sou Sou Sou Texas Pac 5s "9... Texas Pac 5s '71... Third Ave Adj 5s °’ United Drug 5s '53 U.S Rubber 5s *47 .

Warner Bras 6s '3 Western Mary Sits 7 Western Union 3s '60

Argentina A 5, '57 Australia 4! Brazil 8s "41 Canadian Govt 4s '60 Denmark 4l2s '55 German 52 5 Italy 7s '531.. Japan 612s { Poland 3 47 {| Rome 6! '52

| Yokohoma, 6s 8h. aes

Administered 9 Affiliated ings 2nd.

| Broad Street Investi { Bullock Fund Ltd. . { Cer BIg Shares Trust ‘A” ‘or

8... . :

DOMESTIC

Ah Coast Line 4l2s ’64 25 '48

45. ...

59 49

49. nT... 80

.+v 897s 5s '66..

44 . Interntl Tel & Tel gut 3...

Interntl Tel & Tel A '52..

Mo Kan Tex Adj 5s '67

9734

sasvessrs11633

New Orleans Term 4s 55

55 . ie Portland Ben Ei es 60 81" em Rand WW 415s '56.

Youngstown S & T 4s 61 vias Youngstown S & T 3!4s '51.

- FOREIGN

Bid. 18.00

*American Busines Shares. .

(Mod)

tgnmod } )

‘rust Shares (Orig). ‘ersified Trustee Shs B

i versified Trustee Shs | Diversified Trustee Shs {- Dividend ares, Inc . General I¥estfrs Trus | Incor porated Investors *Investors Fund Amer et Street Invest ary vland Pund

i Mut Nation-Wide Voting

€... D... to

9 Corp 42. 50 15

achusetts Investors ual Investment Trust

i North’ Amer Tr Shs 1955 .... rth Amer Tr Shs 1956

| sel ne Amer Shares (orig.) { Sel ected Cumulative Shares. .

{ Selected Income Shares tate Street Investment

5.31 Sere. 110.25

| Supervised Shares, Inc (Dela.) 14.32 ‘B” 15

Trustee Am Bid *

| Trustee Stand Oil Shs * a a

Trustee Stand Oil Shs *Ex-Dividend.

“pe »

United Stand Oil Funds .....

60 Bonds 97.9 97.8 7.6 1.7

BENDIX PAY UP

5 PER CENT AT SOUTH BEND

Wage Increase Outgrowth of Negotiations After Strike Threat.

1 Times Special

SOUTH BEND, Ind, Sept. 1.—A five per cent increase in hourly base rates of pay for productive and nonproductive employes of the Bendix Products Corp. was in effect at the plant here today. The wage increase, which resulted from negotiations between the management and workers following a threatened strike at the Bendix plant late in June, is explained in a general bulletin issued by John P. Mahoney, vice president in charge of manufacturing. “Analyzing the outlook for the coming year,” the bulletin states, “we are not justified in making any change in base rates generally beyond the normal adjustments of individual rates from time to time in keeping with our general policy of rewarding for merit and ability.

Average Tops 1929 Rates

“But Vincent Bendix made a promise that he would do something by Sept. 1, 1936. Therefore, on all hourly base rates, both productive and nonproductive, as -in effect Aug. 1, 1936, there will be an increase of 5 per cent to be effective with the pay period beginning at 7 a. m., Aug. 28, 1936. ;: “In the case of any increases which may have been granted since Aug. 1, 1936, and which may have amounted to more than 5 per cent, then the individual increase already granted shall prevail. The increase is to apply to any one hired since Aug. 1, 1936. “This brings hourly earnings to a base average far above the 1929 peak rates, and we trust our employes will appreciate what the company is doing in face of the fact that the small profit from South Bend plant operations is seriously affected by this increase.”

SEEKS BOND ISSUE T0 AGQUIRE UTILITY

Ossian Town Board Files Petition With P. S. C.

An amended petition seeking permission to issue $20,000 worth of 4 per cent revenue bonds to finance purchase of the Ossian Water Co. was on file with the Public Service Commission today by the Ossian town board. The amended petition provides that the bonds shall be sold at 98 per cent of their face value instead of 95 per cent as provided in the original petition. It also stipulated proposed im-

>» | provements to the utility and in-

Investment Trusts

(By Thomas D. Sheerin & Co.)

Asked,

1.300: + +»

BIA WN B31 ED ws ft 0]

Aluminum

POSTURE ' CHAIRS

Employee Comfort is good business!

W. C. BRASS

and Associates 134 S. Mer.

727

creases from 5 to 7 per cent the amount of revenue to be earmarked as depreciation fund. The town has been leasing the utility and now proposes to buy it by taking up $17,000 worth of preferred stock now outstanding.

Chicago Stocks

(By Atkins, Hamill & Gates) \ Prev. Noon, Advance Aluminum .... Ferghoff ............. sonssenss 15 Butler Brothers seenennns 31 Cities Service cesses 4 Commonwealth Edison . sevens 106 Cord 41g

36% Electric Household ....vvsenes 1474 General Household ...vieeiese 12V2 Great Lakes Dredge R22 Ken-Rad T & L 1358 Lincoln Printing ...:ecoesanaes 12% Lion Oil Refining ..... sesssnnn 13Y2 Schwitzer-Cumming ....ecse00. 227 Williams Oil-O-Matic ........ 1412 Zenith . 35

New York Curb

(By Atzins, Hamill & Gates)

1P.M. 3 } N.Y. Am Cyanamid “B™ .ccaivesness 34 Am Ga$ & Electric ...csevese. Am General Am Superpower . Ark Natural Gas “A” .cieeees Atlas Corp ...c..acus sevesners 13% Catlin Corp Carrier Corp Creole Petroleum Corp Elec Bond & Share .... Fisk Rubber Ford Motors Canada Glen Alden (1) Greenfield Tap & Die Corp Gulf Oil Corp of Pen Imperial Oil of a Irving Air Chute Lake Shore Mines Molybdenum Corp of Amer.. Mueller Brass Natl Bellas Hess Inc Niagara Hudson Pwr Pan-American Airways Pennroad Corp St Regis Paper Co Segal Lock Sunray Spencer Stor . Sterchi Br ars Stores renee Stutz Motors .......... ronan Technicolor Inc

Produce Markets

(By United Press)

CHICAGO. Sept. 1.—Eggs—Market firm; receipts. 6011 cases; fresh graded firsts, 23c; extra firsts. 23%ec: dirties. 17%2¢; current receipts, 21; checks, 16'2 Butter-—Market weak: roceTotE: 8478 tubs: extra firsts (90-8112 score), 33% @33lac: firsts. 32@32'sc: extra (02 score), 34c; specials, 3412@35¢; standards, iat Poultry Market steady: ocipts, 38 trucks: ducks, 11@16c; tie chickens. 15@18c: hens. 13@19¢c: turkeys, 15@16¢ broilers, 14'2@15'2¢: leghorn_ hens. 12@ l4c: old roosters, 13c; fryers, 14'z@17c, Cheese—Twins. 1815@1834c; daisies, 19@ 187%c: longhorns. 19@19%c Potatoes—Supply moderate; - demand light; market Sea to weak: New Jersey Cobblers. $2.35@ 2.45; Pennsylvania Cobblers, $2.45@2 30: U. No. 2. $1.45: Wisconsin Bliss Triumphs, $2.45: idbho Russet Burbanks, $2.75; Idaho Bliss Triumphs, $2.60; California’ White Rose, $2.90; Ci rado Bliss Triumphs, [email protected]; Nebraska Cobblers, [email protected]. parrivals, 86: on track, 165: shipments,

cess ,ene

Assd Fh Goods

olo-|

New York Stocks

(By Thomson & McKinnon)

High. Low.

Qils—

Atl Rig fo nan

Houston Ohio Oil Pet rp .. Phillips’ Pet : Flymouth Oil ... u

Tidewater Assn.. Un Oil of Cal..

Steels—

Acme Steel . Am Roll Mills. Beth Steel .. Cruc Steel * . Ludlum Steel .. McKeesport Tin. 94

eel Us Steel pfd.. Warren Bros ... a Young'n S & T 83% Motors—

Auburn ... Chrysler .. Gen Motors . Graham Mo}

Reo Stodebaker Yellow Truck Motor Access— Bendix

Bohn Alum . Borg Warner. .

el Elec Auto Lite. . Elec Stor Bat . Greyhound “Br Houdaille ...... Murray Body .. Stew Warner ... Timken Roll .. Timken Det Axle Mining— Alaska Jun .... Am Metals ..... Am Smelt ..... Anaconda ....e. Cal & Hecla ... Cerro De Pasco

Kennecott Gop: McIntyre Mine. Phelps Dodge St Joe Lead .... U S Smelters ... Vanadium 23

Amusemenis—

Crosley Radio .. Fox Theat 3 Loews Inc Radio Cor Paramoun R

KO 4 Warner Bros ... 13%

Tobaccos—

Am Tobacco A’.. 997 Am Tobacco ‘B’. 102%

illar Philip F Morris Reynolds Tob ‘B’ . Rails— Atl Coast Lines. 33% B&O 24 we 117 734 3% . 46% 197%

. 17%

91 36%

Gt RL a pid.

Ill Central K C Sou

Union Pacific.. W Maryland.. Eyuipmentsr Am Brake Shoe. Am Car & dy. Am Loco

Pullman Onc. ... West Air Brake. Westingh Elec. .

Utilities—

Am & For Pwr. Am Power & Lt. AT&T Am Water Wks. . Col Gas & Flag. Com Sou.. Consol Gas

Va .1391% 139%

7 7 1314 13% 75

Int Hydro Elec. Jnierbore RT nt T&T : No Pwr & Lit.. 1 North Amer ... Pac G & Peoples Gas

So Cal Edison... Std! Gas Stone & Webster - United Corp Un Gas Imp .. 1 Ut Pwr & Lt ‘A’. Western Union.:

Rubbers—

Firestone Goodrich

U S Rubber .... 31 U S Rubber pfd.. Miscellaneous— alls ponalmers .e 2 123

an Mach & Fdy 2533 Prklyn Man Tr.. 533% Burroughs Add.. 27 JICase ........ Cont! Can 1 Caterpillar Tract 73% Crown Cork .... 71% Curtis Pub ..... 2 Deere & Co .....

Worthingtn Pmp Foods—

Cuban Am Seger Gen Bakin 12 Gen Fone Sod Dust W Sugar ...

‘| Nat) Biscuit I

Natl D Pro 28 S Porto Rico Sug 4 Std Brands 15

Retail Stores—

18%, S55 4673 17% 872

20% 472 14% 147% 5812 467s 89% 2915 842 54%

Kroger Grog ...

Macy R H . MeTolian St ... Marshall Field.. May Dept St.... Mont Ward .... Penney J C ... Safeway St .... Sears-Roebuck... Woolworth ..... Aviation— Aviation Corb... Boeing Aircf 28%: Curtiss Wright.. 6% Curtiss Wright A 18% Douglas Air :... TlY% Nor Am Av .... 8%

Sper Corp ... 21 Dnited Air't New 25'a

51%

Noon

Noon. -

High. Low. N. YX.

Chemicals—

Air Reduction.. 3% 3%

nn -

Com Solvents... Du Pont .

Freeport Tex ... Liquid Carb

‘Math Alkali ...

Natl Dis (new). Schenley Dist .. Tex Gulf Suiph. Union Carbide... U S Indus Alco. Drugs— Bristol tyes. Coty In Lehn & Fink. Sterling Prod .. Un Drug (new).. Financial— Adanis Exp Allegheny Corp.. Am Int Corp Lehman Corp

{ Tranamerica

Tr Contl Corp = Building— Am _ Radiator .. 23% Gen Asphalt .... 24 Holland Furnace Hn Int Cement ... Johns Manville. hye U S Gypsum ...100'%% Ulen Cons 1

Household—

Col Pal Peet.... 14142 Kelvinator 203% Mohawk Carpet. 22 Servel Inc ..... 247 . Simmons Bed .. 373%

Textiles

Amer Woolen

81% ’ 8% Belding Hem 7

+ 13% 137% Celanese Corp .. 2633 261; Collins Aikman 53!2 53'2

(By Lvons & Co.)

Allied Stores 4'%s ’'51 Arkansas Gas 4s '51 §s3ociaied Teltpnone 4s ’ B&O 4 39 Cal iy Power 4s ’'66 Central Maine 4s ’'66 Central am 312s ' BS

CE? 315s 98. ...... oon as West In Fo ’62 102 Chicago Un Station 3's ’51... Cizveland Tractor 5s '45 Celumbus Railway 4s "65 Com Invest Tr 3'2s '51 10 Conn River Pr D & L 3%s3 '61 Consolidated Oil 35s Cudahy Pkg 334s Cudahy Pkg 4s .50.. Ed#son Illum Boston 31% 25 ’65.. Gen Motors Ac Corp 3s '46 a Gen Motors Ac Corp 3s '51.. Indianapolis Water 3%:s '66 ... Towa South Utlifuies 512s ’50.. Kansas P L 4 Los Angeles & x B 5 ” Lou & Nash G & B 4s McCrory Stores 5s ’5 Metro Ed 4s 65 10 Min Gas & E Dr 4s ’50........ Monon W P 415s 60 Narragansett Elec 3's "66 Louis 4s’

66 Okla Natural Gas 415s '’31..... ¢ Okla Natural Gas 5s '46 Pacific Lighting 42s 45 Peoples Gas Lite & Coke .S "61 9734

‘Penn RR 39s 70

Penn Tel 4s ’ Potomac El Poor 3s '68 Pub Serv N H 33s Railway Lite 414s ’55. - Sagueney Power us San Diego G & E 4 . Southern Cal Gas 1 105 ire Southern Kraft fis ’46 So West G E 4s '60 10358 Wisconsin Gas & Elec ges '66.103% Wisconsin Pwr & Lite 4s ’65... 993% Wisconsin Pub Serv 4s ’61 104%

Fruits and Vegetables

(Quotations below subject to change, are average wholesale prices being offered to rbuyers by local commission dealers.) RUITS—Pears—Michigan Bartletts, box, $2. Bananas—Selected, lb., 434c. Apples— No. 1 Maiden Blush, $1. 75: No. 1 N. Y. Duchess, 2'2 in., $1 Y. Duchess (combination), $1. 25. ’ Lemons—Sunkist, 360s, $8.50. Limes—Mexican, carton, 2215¢; Persian seedless, 100, Peaches—Elbertas, 2 in., bu., $3. Plums— Ital. prunes, 16 1b. lug, $1. Grapes—Seedless, 28- 1b. crate, $1.75. MEL Honey Rocks, bu. Tops, 51 25. av. VEG OTARLES HeansaRotind §iringless bu., $2. Beets—Home-grown, doz. Carrots—Ohio, doz., 45c. a, $2 crate, $1.50. Celerv—Michigan Mammoth, washed and trimmed, doz. 60c. Cucumbers —Indiana bu., $1.50. Corn—Home-grown, doz., 25¢. Kale—Home-grown, bu, Leftuce—Iceberg. Califorina, 35s, leaf, home-grown, 15-1b. basket, $1. pers—Mangoes, home-grown bu. peck basket, “60c; doz. 25c. Mint—Doz,, 50c. Onions—Northern yellow, 50-lb. bag, $1.10. Parsley—Home-grown, Peas—Western Tel., ham Potatoes—Eastern Cobblers, $2.90. Sweet potatoes—Eastern bu., $1.65. Radishes—Ohio i baskets {ih Dez, 45c. New bulk, $1.50. Tomatoes—Homegrown, 10-10" basket, 40c.

., $1.25; home-grown, Tip Watermelons—Missouri, 30-1b.

(By Unied Press) CHICAGO, Se 1, — Apples — Duchess, Michigan, bu., @$1.50. Sweet Potatoes— Louisiana tans [email protected]. Carrots—Illinois, bunches, 11>@2c. Cabbage— Wisconsin, 75-1b. crates: $1.25@2. Spinach—Michigan, bu., [email protected].: Tomatoes —Michigan Climax, basket. “20a 40c., flower—Colorado, crates, $1.35@1. 40. s —Idaho, bu. hampers, $2.15@ Z35 Celery— Michigan, square crates, 25@ Onion Market (50-1b. Se — Illinois vellows, 60@85c: Indiana Yellows, 60@85c; Michigan yellows, 60@85c.

Unlisted S focks

(By Blyth & Co.) NEW YORK STOCKS

Bankers Trust s..cciseivscse. Central Hanover s..cecssnseess Chase esl Continental Guaranty .. Irving Manufacturers

National Shawmut FIRE INSURANCE

Aetna Fire Insurance American Ins of Newark ..... Baltimore American City of New Y Franklin Fire Federal American Insurance.. Great American Insurance ... Hanover Fire Hartford Home Insurance National Fire National Liberty *North River DR U esto or Fire sessenessnsens .Ex dividend.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings . : Debits 7,374,000 TREASURY STATEMENT (By United Press) WASHINGTON, Sept. 1. — Government expenses and receipts for the current fiscal year to Aug. 29, as compared with

ar ago: This Year Last Yea .$ 962, ger 106. 77 $1,233,353, 555 63 Sas. 289.99 567,

Expenses . Receipts ... Deficit ... 338, aoe. 216.78 Cash bal .: 1,914.731,156.32 482,340.702.70 Public debt’ 33,381.984,323.48 29,038.483.651.28 Gold rsrv. 10, 709;399,181.59 9,199,915,511.66 Customs . 64,503,088.33 64-310, 085.66

20%h Cenfrury

Up to 14 X20" i Any Paper

in Colors LL 6122 Bemis Letter Service

303-307 Merchants’ Bank Bldg.

Bonds of the United States Government, Its Territories and Insular Possessions

Federal and Joint Stock Land Bank Bonds Indiana Municipal and Corporate Securities Real Estate Bonds and Preferred Stocks General Market Securities

Indianapolis Bond and Share Corp.

129 EAST MARKET STREET

—

AUTO FIRMS TO

AVOID BOOST IN

NEW CAR PRICE

Need of Lower Profit Ratio Is Conceded by Producers. Times Special *

NEW YORK, Sept. mounting production costs, conse=-

» quent upon higher wages and ine i

creased raw material prices, auto mobile manufacturers today were expected to maintain quotations for

1937 models, to be introduced this |

fall, around prevailing levels. Their decision to absorb the bulk of enlarged expenses, it was indicated in authoritative quarters, has been motivated by the growing realization that “effective” values are essential to continuity or expansion to consumer demand. With this thought in mind virtually all producers are understood to have conceded the desirability of

{ lower profit ratios for the forthcom={ing year as a means of moderating i the adverse influence to be exerted | upon mass purchasing power by the

New Bond Issues

| drought. Accordingly, the industry's

higher food prices resulting from the

primary object in adopting such a policy, it was explained, is to insure extension of the general recovery movement by sustaining its assem bly requirements from the diverse trades which supply its manifold needs, : Larger Output Foreseen Thus, given a further increase in national income in consequence of continued absorption of the unem=ployed by the still laggard heavy industries, especially construction, motor. executives implied that 1937 production might surpass the indi-. cated output of slightly more than

4,000,000 units for the current year. : . Forecasts, however, were declared to

be subject to drastic revision in the event governmental expenditures for public ‘works are curtailed to a greater extent than private industry’s ability to bridge the gap. “Throughout the recovery move= ment,” an economist associated with the industry pointed out, “car

manufacturers have sought to es--

tablish equilibrium between automobile quotations and the general price structure in the interest of wide~ spread distribution. They are bene= fitting from their bitter experience in 1934, when, in consequence of only a modest price boost, demand fell below production, with the re=sult that a surplus of more than 100,000 cars remained in dealers’ hands at the outset of the 1935 sea= son. Wages and Costs Rise “This surplus was augmented last year by nearly 300,000 vehicles, necessitating consumer absorption, at the outset of 1936 of more than 400,000 cars in addition to current production. The only way to bring about increased demand was to keep down the price. And that has been done with a vengeance. “That prices have been kepf down even more than economical plant operation permits is evidenced by the fact that wages and material costs have increased substantially. For instance, hourly wages in “the industry now are 2.1 per cent above the 1929 level, having been raised more than 30 per cent from the low point reached in 1933. Likewise steel, the industry’s basic ingredient, costs only 8.7 per cent less than it did in 1929, after having advanced about 7 per cent from the low level prevailing in 1933.”

Chicago Grain Futures (By James E. Bennett & Co.) 9:45 .«. M. 1.09% 1.08% 1.077%

Prev, close. 1.087% 08

1. 1.067%

Wheat—

Soph seneeaes 1.073% 933% 89%

1.06 92% 188

1.07% 93% 89% 41%

42% 43% a

41Y 42 43%

407% 423% 43 82% 1%

813% 79Ys 80% a 78% b.T

a7%

LOCAL CASH MARKET City grain elevators are paying $101 for No. 1 red wheat. Other grades on Ri merits. Cash-corn, new No. 3 yellow, $1.03; oats, 36c. Hay—No. 1 timothy, $14. 50@ 15; Nope clover [email protected]; No, 1 alfaffa, first cutting, $14.50@15; second cute ting, $16@17.

yw : Building! A first mortgage will speed your home-building plans.

* No need to wait until you have the full construction

cost of your home. A first mortgage loan will enable you to start building NOW. Call and let

us know your mortgage re-

1—Despite

Arar